NOTICE OF DISQUALIFICATION - Mr Camilo Soza
Superannuation Industry (Supervision) Act 1993
To:
Mr Camilo Soza
CHISWICK NSW 2046
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(2) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 14 December 2022
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Karen Taylor
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to provide a regulatory framework for the supervision of superannuation entities and to protect the interests of superannuation fund members. This legislation was introduced to address the need for a comprehensive regulatory regime governing the operations of superannuation entities, ensuring that they are managed in the best interests of their members. The SISA aims to maintain the integrity and stability of the superannuation industry by imposing regulatory requirements on trustees, investment managers, and custodians of superannuation entities. The Act empowers the Commissioner of Taxation to disqualify individuals who have acted in a manner that justifies their disqualification, as demonstrated in the disqualification notice issued to Mr Camilo Soza under subsection 126A(6) of the SISA. The disqualification serves as a measure to uphold the regulatory standards and protect the superannuation system's integrity.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to the supervision and regulation of the superannuation industry within Australia, encompassing various entities such as trustees, investment managers, and custodians of superannuation funds. This legislation specifically targets individuals and corporate bodies that engage in the administration of superannuation entities, ensuring adherence to the standards and regulations set forth to protect the interests of superannuation fund members. The Act's jurisdictional reach is national, applying across the Commonwealth of Australia, and it imposes stringent requirements and prohibitions on the conduct of those involved in managing superannuation funds. The notice of disqualification issued to Mr Camilo Soza under subsection 126A(6) of the SISA highlights the Act's enforcement mechanisms, which include disqualifying individuals from acting in certain capacities within the superannuation industry if they are found to have contravened the Act's provisions. This disqualification extends to preventing the disqualified person from being or acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity, as outlined in section 126K of the SISA. Additionally, the Act allows for the potential revocation of disqualifications under certain conditions, providing a pathway for review and reconsideration of such decisions.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains various provisions that govern the supervision of superannuation entities. Specifically, Section 126A(2) allows the delegate of the Commissioner of Taxation to disqualify a person from being involved in the administration of a superannuation fund if certain conditions are met. In this case, Mr. Camilo Soza has been disqualified under subsection 126A(2) for being a responsible officer of a corporate trustee that contravened the SISA. The disqualification takes effect on the day the notice is made, which in this instance is 14 December 2022.
The obligations imposed by the SISA on parties such as Mr. Soza include adherence to the regulations governing the administration of superannuation funds. For Mr. Soza, this means refraining from acting as a trustee, investment manager, or custodian of any superannuation entity, or being a responsible officer of such entities. These obligations are critical to maintaining the integrity and proper functioning of the superannuation system.
Failure to comply with these obligations can result in serious consequences. Section 126K of the SISA outlines that it is an offence for a disqualified person to act in any capacity that involves the administration of a superannuation fund. The penalty for this offence includes a maximum of two years imprisonment. Additionally, under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the Commissioner of Taxation or upon a written application by the disqualified person. For those dissatisfied with the disqualification decision, section 344 provides a recourse to request a reconsideration by the Commissioner within 21 days of receiving the notice.